Upon completion of the first project under Centre’s Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund, Union Finance Minister Nirmala Sitharaman handed over the possession to home buyers.
Rivali Park, the residential project, located in Mumbai, is the first such housing project to receive funding under the SWAMIH Fund.
In a virtual event launching this initiative, Finance Minister said, “I am extremely delighted to witness the first residential project being completed under the SWAMIH Fund. It is a milestone, especially considering the pandemic situation in the country. The government stepped up to provide funding to stressed mid-income and affordable housing projects, relieving the home buyers investing their hard-earned savings.”
Furthermore, the scheme is providing employment to construction workers and allied industries of steel, cement, and others. It will also improve portfolios of NBFCs and banks, as well as the economic situation of the nation.
Several ministers and government officials attended the meeting, including Minister of State for Finance, Anurag Singh Thakur, and Secretary of Ministry of Housing and Urban Affairs, Durga Shankar Mishra. Till now, the SWAMIH Fund has approved 72 projects, providing 44,100 houses, and has also given preliminary approval to 132 projects, further adding 72,500 homes. The fund is targeting a total of 1,16,600 homes.